menu
bartleby
search
close search
Hit Return to see all results

Suppose that the demand for a product is given by p= 1/2ln (5000-q/q+1)where p is in hundreds of dollars and q is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?(b) Is the demand elastic or inelastic?

Question

Suppose that the demand for a product is given by 

p= 1/2ln (5000-q/q+1)

where p is in hundreds of dollars and q is the number of tons. 

(a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?

(b) Is the demand elastic or inelastic?

check_circleAnswer
Step 1

The elasticity of demand when the quantity demanded (q) is 2 and the price (p) is 3.71 hundreds of dollars.

Step 2

Formula used:

If p f(q) is the demand for the q units and price p, then at the points
(gA.P)
then the elasticity of demand function is given by
р dg
n=-
д ф
help_outline

Image Transcriptionclose

If p f(q) is the demand for the q units and price p, then at the points (gA.P) then the elasticity of demand function is given by р dg n=- д ф

fullscreen
Step 3

The given funct...

p =In 3000-g
2
q+1
Partially differentiate the function with respect to p.
p=In(5000-)-In(q+1)]
dq
dq
1
1
(1)
фф д+1
(-1)
1
25000
фр,
dq
1
1
1 =
2
5000-д д+1) dp
da
2( 5000- q q+1) ф
1
1
help_outline

Image Transcriptionclose

p =In 3000-g 2 q+1 Partially differentiate the function with respect to p. p=In(5000-)-In(q+1)] dq dq 1 1 (1) фф д+1 (-1) 1 25000 фр, dq 1 1 1 = 2 5000-д д+1) dp da 2( 5000- q q+1) ф 1 1

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Our solutions are written by experts, many with advanced degrees, and available 24/7

See Solution
Tagged in

Math

Calculus

Other

Related Calculus Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: For the following function f, find the antiderivative F that satisfies the given condition.   F(v) =

A: First, we find the general solution using integration. 

question_answer

Q: 1000 Find the marginal cost when q = 10. 9 The average coste for producing q units of a product is g...

A: The average cost c is given by ,

question_answer

Q: Determine the interval(s) on which the following function is continuous, then analyze the given limi...

A: (2+2cosx) and sinx both are continuous functions. So the function (2+2cos x)/sinx will be discontinu...

question_answer

Q: Write the iterated integral for a sphere centered at (0,0,0) with a radius of 2. Use the order dz dx...

A: From the given the sphere equation is x2+y2+z2=22.

question_answer

Q: How do I solve this differential equation using P(x), Q(x) and v(x)?

A: The given differential equation is,

question_answer

Q: A boat on the ocean is 2 mi. from the nearest point on a straight shoreline; that point is 13 miles ...

A: According to the question, x is the distance between the nearest point on a shoreline and the point ...

question_answer

Q: Calculate the area, in square units, bounded above by f(x)=−2x2 −x−21 and below by g(x)=−x2 −12x+9.

A: Click to see the answer

question_answer

Q: 2.5 Continuity 3. We would like to find a value of k to make the piecewise function f(x) continuous ...

A: 3)Answer: a) If I was to graph f(x) then the left part of 3 is changed when k is changed. As the k i...

question_answer

Q: Find the derivative of y with respect to x y = csc^(-1)(x^6 + 1), x> 0

A: Find the derivative of the given function.

Sorry about that. What wasn’t helpful?